Converting a derelict property into a beautiful home is a dream for many. But what do you need to know before embarking on a renovation project?

Renovation projects can be few and far between. When one comes on the market, many people may try to snap it up to make a profit or create their dream home.

Register your interest with your local Guild Member to hear about suitable properties as soon as they come on the market. Also, check your local auction house.

If you have seen Grand Designs, you know that building projects often go over budget. Plan realistically and have a large contingency budget.

There is a lot of legal work to do before starting a build. Check building restrictions in the area or on the property itself and apply for planning permission.

Conduct several surveys before building starts to assess the building and work out exactly what you need to do.

Who is going to project manage the build? A professional could do everything for you, or you could do it yourself. From coordinating tradespeople to liaising with the planning department, arranging inspections, organising paperwork and get everything signed off.

The Guild is a network of the best 800 independent estate agents around the country. Find out why you should choose them to sell your home.